Registered num ber 03094854 Radstock Museum Report of the Trustees and unaudited Financial Statements 31 March 2024 Charity number: 1161573
Radstock Museum Raport and flnanclal statements Contents Page Chaimian's port Report of the trustees Independent examiner's report Statement of financial activities Baknce sheet 10 SL*ernent of cash flows 11 Notes to the financial stslements 12-18 Detailed statement of financial activit¢es 19-20
Radstock Museum Chalmian's Report For the Year endlng 31 March 2024 This year has seen the Museum with an op8raling deficit over the 12-month period due, largely, to increased energy costs and one-off costs relating to tho upkeep and maintenance of thè Grade 11 listed buikling which had been deferred from earlier years. In addition, the museum has incurred costs relating to th8 upkeep of a detached. disused, toilet block, and to the sale of the toilet bk)ck by auction in February 2024 {the proce8ds from which were received after the year end). Despit8 this, income from admsssions, 8nd from tearoom sales, were up on the previous 12-month peTiod, atthough shop sale5 were down on the corresponding period last year. Th8 museum's school visit programme continues to run well. led by an enthusiastic team of volunteers, atthough income from such visits was somewhat lower than last year, possibty reflecting pressure on school and househdd budgets. Whtst the Museum had a disappoirrting return on ts investment portfolio in FY 2D22f23, we hav since benefitted from improvements in global mafkets, with an increase of around £11.000 in the value of the portfolio over the corresponding figure last year. However, with uncertainty again likely to affect markets in the coming year the Truslees will continue to monitor and carry OLrt regular reviev*B of the museum's investments with our financial adviser and m8ke ohanges when deemed neSsary. The Trustee5 do not expect to withdraw any money from the museum's investrftents in tho ttoming ve8r. The Museum has benefrtied from 8 number of bequests and significant donations which wtll en8ble some improvements to be made in the Mugeum. In addition. the museum is one of six charrties who are expected to benefit from a substantial legacy when the a$5ets in a deceased estate are sold, most likely, in the coming year. As reported last year, energy prices have had a significant irnpact on the museum's operating finances over the 12-month period following the ending of some very beneficial fixed rates in mid 2023. However, it IB expected that, with energy prices beginning to fall, the museum will benefit from lower pd¢e$ in the coming year. In addition, as rèported last year, the Trustees have received a report frcm the West of England Combined Authorty in which recornmendations are made for energy and cart)on savings. The Trustees expect to implement some of those r8commendations over the coming years, subject to adeq¢Jale funding being available. The recruitment of a part time communlty engagement manager, fundad by a grant, was achieved In FY 2022123 and the programme of Community Cafés has been maintsined with continuing succes5. Additional volunteers have been recruited aThJ trained speciftcalty to assist with the njnning of the cafés and funding continues into the next Financlal Year. The Board of Trustees h8s seen one long4tanding Trustee stand down but following a recruitment programme, thre8 additronal Irustee5 have been recruited, all bringing valuable skills to the Board. This brings the total to seven which 18 considered to provide a balanced and manageable Board. The Trustees are pleased to report that the museum's level of current cash assets exce&ls the stated aim of maintainlng 6-12 months of budgeted expenditure and. overall, are satisfEd that the museum is meeting all ts objectives,. 13 in a sound financrdl positlon and is able to weather the ttonomic challenges of the coming year. Simon Carter Chalr Radstock Museum 8 July 2024 Page 3
Radstock Museum Registerod numb8r: Charity number: 03094854 1151573 Report of the Trustees Forthe year endlng 31 Marth 2024 The twstees who are also directors of the charity for the purposes of the Companies Act 2006. present their report with the financial statements of the charity for the year ended 31 March 2024. Objectives and activltSes Objectives and aims The compan$ objects and prinGip81 activrtles aTe in the field of the advancement of educalion of the public in the local area by the provision of a museum of local artefacts and other ilems of historFC or public interest and supporting the charitable activities of Radstock Midsomer Norton and District Museum Society. structure, Govemance and Management Govemlng document The charity is controlled by Its governing document, a deed of trusl, and constitutes a limited company, Ilmited by guarantee, as defi11 by the Companies Act 2005. Recrultment and appolntm•nt Df new trust•es Under the requirements of the Memorandurn and Articles of Association the members of the board of twstees are elected to serve at the Annual General Meeiing. Achlevement and Performance Charftable activities The Report of the Chaiman is set out on paye 3. Financlal Review Prfnclpal fvnding sources Income is generated by entrance fees and fundraising trading and is supported by voluntary grants and donations. Inv8st¢nentpolicy and objectives The investment strategy is lo aim for medium term growth, Investments, which belong to Radstock Museum, are managed by Oliver Financial Planning. It is not intènded to encash investments wrthin the next financial year. ReseNes Pollcy The trustees have estsblished a polry that unrestricted funds not Committed or invested in tangible fixed assets held by the charty should be no le5S than 8 months and no mofe than 12 months of the budgeted expendrture. At this level they feel that Ihey would be able to continue the activities of ihe charity in the event of 8 Signifnt drop in incoming resources whilst providing the necessary time to arrange for the collection housed in Ihe Museum to be safeguarded. In addltion the Tnjstees will maintain a designated fund of £60,000 which is held against the requirement to undertake major work on the structure of the hlstoric Grade 2 listed building in whlch the Museum is housed. Page 4
Radstock Museum Registored number: Charlty numbér. 03094854 1151S73 Report of the Trustees For the year endlng 31 March 2024 Reference and Administratlve Detsils Registered Company number 03094854 (EngFand and Wales) Rwstered Charity number 1151573 Reglstered offlce Radstock Museum Waterloo Road Radstock BA3 3EP Tnte8S S N Carter Ms J Britton s J Newbury Mr M J Crocker Mr L Eyles MrJ S D8 Beer MrDSHart Ms L K Morgan Interim ChairlFadlitator Resigned 17th Juty 2023 Appolnted 12th February 2024 Appointed 12th February 2024 Appointed 12th February 2024 Company Secretary Mr M J Crocker Independent Exanuner Mr Metthew Porter FCA Haines Watts Enterprise House Timbrell Street TroorIdge Wiltshire 8A14 8PL Solicitors Thatcher & Hall8m Island House Midsomer Norton Radstock 8A3 2HJ Independent Flnandal Advlse Oll*Er Financial Planning 98 Bay Tree Road Bath BA16NF Page 5
Rad8tock hluseum Registerod numb•r: Charity number: 03094854 1151573 Report of the Trustees For the year ondlng 31 March 2024 8anke Unity Trust Bank Ptc Nine Brindley Place Birmingham B12HB Treasurer L Eyles hlanager N Tumer Curatorial Advls•r S Clews Ar¢hlte¢turalAdviser R Taylor Trustees. respon8ibllltles In r01atlon to tho flnanclal statements The trustees (who are also directors of the charty for the Pu05eS of company law) are responsible for preparing the Trustees, Annual Report and the financial statements in accordance wrth applicable law and United Kingdorn A¢Gounting Standards (UK Generally Accepted Accounting Pra¢ti¢e). Company law qUireS the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charrtable company and of the incoming resour$ arKI application of resources. including the income and expenditure, of the Charitable cwipany for that period. In preparing these financial statements, the trustees are required to.. select suttable aceounting poltcies and then apply them consistently, ob8eNe the methods and principles in the Charities SORP,. make judgements and estimates that are reawnable and prudent", state whether applicable UK Accounting Standards have been followed, 8ubj8Ct to any matertal departures disclosed and explained in the financial statements., prepare the financial statemenls on the going Goncern basis unl•$$ rt is inappropriate to presume that the charttable Company will continue in q)eration. Page 6
Radstock Museum Regtstered numbèr: Charity numbor: 03094854 1151S73 Report of the Trustees For the year endlng 31 March 2024 The trustees are responsible for keeping adequate accounting records that disclose wilh reasonable accuracy at any time the financial position of the charitable company and enable Ihem lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safegu3rding th8 asséts of the charitable company and hence for taking reasonable steps for the prevention and delection of fraud and other irregularities. Statement as to disclosure to our IndepBndent Examiners In so far as the trustees are aware at the time of approving our Iruslees, annual report.. there is no relevant informatn, being infom7alion needed by the examiner in connection with preparing their part, of which the charitable company's examiner is unaware,. an the tN5tees have taken all steps Ihal they ought to have taken to make themselves aware of any relevant inforrnalion and to eslablish that the examiner is aware of that irtfom81ion. This report has been prepared in accordance wsth the Statement of Reeommended Practte - Accounting and Reporting by chart1$. Approved by order ol the board of trustees on. and sHJned on ils behaFf by s,A.e SNCarter- Pag8 7
Radstock Museum For the year ended 31 March 2024 EXAMINER'S REPORT Independent Examiner's Report to the Directors of Radstock Museum This report on the financial statements of the Company for the year ended 31 March 2024, which are set out on pages 3 to 20, is in respect of an examination carried out in accordan with s.145 of the Charities Act 2011. Respective responsibilities of the PCC and examiner As the charity's Directors you are responsible for the preparation of the financial statements,. you consider that the audit requirement of Regulations and s.145 of the Charities Act 2011 do not apply. It is my responsibility to issue this report on those financial statements in accordance with the terms of the Regulations. Basis of this report My examination was carried out in accordan with the General Directions given by the Charity Commission under s.145(5) (b) of the Charities Act 2011. That examination includes a review of the accounting records kept by the charity and a comparison of the accounts with those records. It also includes considering any unusual items or disclosures in the financial statements and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that WOLbld be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Independent axaminer's ststement In connection with my examination, no matter has come to my attention: (1) IDthich gives me reasonable cause to believe that in any material respect, the requirements to keep accounting records in accordance with section 130 of the Charities Act 2011 and S386 of the Companies Act 2006 to prepare financial statements, which accord with the accounting records and comply with the requirements of the Charities Act 2011 and Regulations, and S396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met., or (2} to which, in my opinion, attentions should be drawn in order to enable a proper understanding of the accounts to be reached. Name of Principal Name of fimi Relevant professional qualification or body Address" Mr Matthew Porter FCA Haines Watts ICAEW Enterprise House, Timbrell Street, Trowbridge, Itshire, BA14 8PL A/4*k 9 July 2024 Page 8
Radstock Museum ststement of Financial Activities for the year ended 31 March 2024 Notes Unrestricted Restricted Total Funds Totsl Fun(ts Funds Funds 2024 2023 Income: Donatlons and legacies 7,732 5.000 12,732 13,521 Income from charltable activltles 13,0S6 13,066 13,500 Other trading activitie5 33,432 33,432 31,787 Invastment Income 488 488 216 Totsl Income 18,066 59,024 Expenditure Raising funds Charitable activities 6,602 49,249 6,602 80,699 31,450 63,598 Total expendltur8 87,301 Net expendlture Gainsl(losses} on investment (14,199) {13,384) (27,583) (11,940) 11,153 11,153 (165) Net movement in funds 13.046) (13.384 (16,430) (12.105) Rèconclliation of funds Total Funds brought forward 182,083 686,587 868,670 880.775 Transfer8 b4veen funds 1,204 {1,204> Total Funds carrled forward 862 240 Page 9
Radstock Museum Balance Sheat as at 31 March 2024 Notes 2024 2023 Fixed assets Tangible assets Investments 654.219 112.415 669,454 101,595 766.634 771,049 Current assets Stocks Debtors Cash at bank and in haNJ 5,487 8.334 75.585 89,406 5,790 3.946 89.147 98,883 Ci6dltors: amounts falllng du? within one year {3,800) (1,262) Not current assets 85,606 97,621 Total assets less current liabilities 852.240 888,670 Net as8etg 852,240 868 670 Funds 11 Unrestricted funds Restri¢led funds 180.241 671.999 182,083 886,587 Total Funds 852,240 868,670 The trustees are satisfied that the company is entitled to exemption from IP+e requirement to obtain an audrt under section 477 of the Companies Act 2006. The members ha not required the company to Obtain an audit in accordar)ce with section 476 of th6 Act. The directorsnruslees acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect lo ac¢ountir,g records and the preparation of accounls, Thè ac¢ourts havè b&n ppad in aceordance with the provisions in Part 15 of the Companies Act 2006 applicable lo compan5 subjecl to the small ¢ompsnie3 regime. These financial statements w8r& approved by the Truste8s on.. On behalf of the Trustees Signature Mame S C8rter Po$stion Interim ChairlFaGilitator Page 10
Radstock Museum ststement of Cash Flow8 for the year ended 31 March 2024 2024 2023 Cash used in OPOMting activitie8 12 J13,5621 5,002 Net increase in cash {13,562) 5,002 Cash 8t bat* and In hand1os$ overdrafts at 1 April 89,147 84,145 Cash at bank and In hand less overdrafts at 31 March 75,585 89,147 Consisting of.. Cash at bank and in harKI 75,585 75,585 89,147 89.147 Page11
Radstock Museum Notes to the Accounts for the year ended 31 Pllarch 2024 1 Prfnclple aecoundng poliGi06 The princpal accounting polici88 adoptad in the preparation of the financial statements are set out below.. Basis of preparabon The financrdl statements have been prepared in accordan with Accounting and Reporting By Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicabk in the UK and Repubtic of Ireland (FRS102} (effective 1 January 2019} (Charities SORP (FRS 102)). the Financral Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 20Cfj. Furnl Accounting Unrestrided funds are availabte for use at the discretion of the trustees in fvrtherance of the general objectives of th8 chatity. Designated funds are unrestncted funds eamiarked by the Management Committee for particular purposes. Restricted Funds 8re subjected to restrictions on thelr expenditure imposed by the donor or through the tems of an appeal. Incomlng Resources All incoming resources are included in the statement of financld activities when the charity 18 entitled to the income and the amount can be quantified with r8a8onable accuracy. The following specific policies are applied lo particular categories of income. Voluntary income is received by ¥Ydy of grants, donations and gbfts and is induded in full in the Statement of Financial Activitie6 when receivable. Grants, where entitlement is not conditKJnal on the delivery of a Specif performance by the charity. are OgnISed Wh the charty becomes unconditionalw entrtled to the grant. D(ated seNices and facilitles are included at the value to the charity vthere this can be quantifi1 The value of service5 PTovided ty volunteers has not been included in these accounts. Investment income is included when receivable. IncDming resources from charitable trading activity ar8 accounted for when eamed. Incrxring rosour¢es from grants, where related to perfom)anrA and specific deltverables, are accounted for as the charity earns the right to consideration by its performance. Page 12
Radstock Museum Notes to the Accounts for the year ended 31 March 2024 Expendrture is recognised on an accrual basis as a liability is incurred. EXpid4tUre includes any VAT vthich cannot be fully recovered. Costs of generating funds comprtses those costs associated with attracting voluntary income and the costs of trading for fvndraising purposes. Charitable expenditure comprise8 th08é Costs incurred by the charity in the delivery of ils actbvities and services for ¢is beneficiaries. It includes both ¢t)sts that can be allocated directly to such activrties and those costs of an indir8Ct nabjre necessary to support them. Governance ¢csts include those $ts 8ssociated with meeling ihe constitutional and statLrtory requirements of the chanly and include the examiner's fees and cosls link8d to the strategic marwement of the charity. All costs are allocated befvfftn the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular actIty are allocated directly. others are apportioned on an appropriate basis. Tangible fixed assets DepreciatTron is provided at the folloryn9 annual rates in order to write off each asset over its estimated usefLbl lrfe. FrhOld propety Fixiures and equipment Fixtures and fittings 1.5% on cost - 150/a on reducing balance - 50h on reducing balance D8PreCh9tn is not promded on the land element of freehold propety, valued at £100,000. Stocks are valued at the bwer of cost and net realisable value, after making due allowan for obsolete and slow moving ttems. Taxation The crjmpany 15 exempt frcAn COrporatrt tax on its charitable activities onEy. Fund accountlng Unrestricted funds can be used in accordan wilh the charltable objectives at the discréts'on of the trustees. Restricted funds can only be used for particular restrthd purposes wilhin the objects of the charity. Restrictions arise when specified by the donor or when the funds a raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statamentB. Page 13
Ra(tstock Museum Notes to the Accounts for the year ended 31 March 2024 Hlre Purcha and leaslng Commltments Rentals paid under operating leases are charged to the Statement of Financial Activitss on straight line basis over the period of the18as8. Ponslons The cwnpany operates a defined contribution pension scheme. Contributions are charged to the income and expènditure account as théy become payable in accordance with the rules of the schemè. 2 Income Unrestrlcted Restrl¢t•d Total 2024 Total 2023 Donatlons and legacles Donations 7,732 5,000 12.732 13,521 TDtal donations and legacie8 Income from charftable activiti Grants 13,066 13,066 13,500 Total income from charitable activities 13.066 I3,8 Other trading activities Shop income Tea rtjom income Entrance fees Journal publishing Roorn hire Talks servic8 Research income 6,837 4,803 18,334 1,435 450 1,518 6,837 4,803 18,334 1,435 450 1,518 55 8,277 4,078 16,636 1,687 805 304 Total othertrading acitwtie8 Investment inc¢>me Income from listed investment 488 216 216 Total Income Page 14
Radstock Museum Notes to the Accounts for the year ended 31 March 2024 3 Analysls of Exp•nditure Unrestrlcted Restrlctod Total 2024 Total 2023 Other tradlng expenses 6,602 6,602 7,366 Charitable actlvitie$ 857 15,295 16,152 16,208 Manag8m8nt support costs 48,498 16.155 82,653 45,308 Govemance costs 1,894 1,894 2.082 Total expendlture 55,851 31,460 87,301 2023 4 Net Incomel(Expendltsire) Net inGoryRI{expendiiure} 18 Stated after charglng: DeplatIOn - owned assets Other operating18as8s 15,236 15,457 6 Trustees. Remuneration, beneflts and ex885 There were no trustees, remuneration or other beneffts for the year endad 31 Mareh 2024 nor for the year ended 31 March 2023. There were no trustees, expenses paid for the year ended 31 Mah 2024 nor for the year ended 31 March 2023. Staff G05ts The average monthty number of employees duriw the year was as follows: 2024 2023 Pemianent No employees received emoluments in excess of £60.000. Page 15
Radstock Museum Notes to the Accounts for the year ended 31 March 2024 6 Tangible Fixed Assets Freehokj Fixtures & prop8ty equipment Fixtures & fittings Totals Cost At 1 April 2023 and 31 March 2024 200,434 1,158,303 Depreclation At 1 April 2023 Charg6 for the yaar 285.676 11.903 61,760 381 141.413 2,951 488,849 15,235 At 31 March 2024 297,579 62.141 144,364 504,084 Net Book Value At 31 March 2024 595,988 2.161 56,070 654.219 At 31 March 2023 607 891 59,021 669,454 7 Fixed Asset Investmonts Listed Investments Market Value At 1 April 2023 101,592 Income - dlvidends and interest Management charges 488 {818) Revaluation 11,153 At 31 March 2024 112,415 8 Debtors 2024 2D23 Trade debtor5 VAT Prepayments and accwed income 742 6,903 3,204 9 Credltorn: amount8 falllng due within one year 2024 2023 Trade creditors Social s6curty other taxes Accrued expenses 3,292 158 350 801 411 250 3,800 1,262 Page 16
Radstoek Museum Notes to the Accounts for the year #nded 31 March 2024 10 Oporatlng Leaso Commltments 2024 2023 Th8 following operating lease payTnents are committed to be paid within one year: Expiring.. BefvRen on8 and fr49 years 408 11 Movement in funds 1st April Recelvgd in 2023 year utili6ed in yaar Balance 31st March transfers 2024 Unrestrlcted funds Deslgnated funds Grade 2 Listed building refurbishment 60,000 60,000 General Fund 122,083 52,805 (55,850) 1,204 120,241 182,083 52,805 55.850 1,204 180,241 Restricted funds Freehold land Freehold buildings Fixtures and equipmenl Fixtures and f5ttings 100,000 507,884 363 47,610 100.000 495,981 252 4S,128 (11,903) (111) (2,482) Wessex Somer Valley Friends of Radstock Museum WestField Parish Council St Johns Thatcher & Hallam Mid60mèr Norton tThvn council Fairfield Trust Big Local Fund- Nlght Silencing 266 337 573 327 11,470 803 360 1,379 221 2,469 1,725 950 4,850 337 573 327 4,670 803 360 (6,800) (1,360) (19) 221 2,469 1,725 950 4,850 Radstock Town Council Hatker Radstock Museum Society 950 (950) 072 (43T) (1,210) (3,944) (1,202) (2,000) (235) s,000 ROSH Hughes AIM 3,7SO 3,944 5.000 7,500 3,798 5,500 686,587 18,066 31,449 1,204 671,999 Page 17
Radstock Museum Notes to the Accounts for the year ended 31 March 2024 12 Reconciliation of n•t movement In funds to net cash Ilow from operating aCtrltieS 2024 2023 Net Moverfftnl in funds (16,430) (12.105) Adjustments for: preciation Movements on in¥estment {Increase}IDecrea5e in Stock (Increase)IDecrease in debtor8 Increasel{Decrease) in credltors 15,236 (10,822) 31)4 (4,388) 2.538 15,457 776 <555) 1.230 Net Cash used In operatlng actlvltles 13,562) 13 Relat•d party disclosure¥ There were no related paty transadions for the year ended 31st Marth 2024 Page 18
Radstock Museum Detailed Statement of Financlal Actlvltles for the year ended 31 March 2024 2024 2023 Income and Endowments Donatlons and legacles Donations Gift aid 10,409 2,323 11,918 1,603 12.732 13,521 Other tradlng activitles Shop income Tea room income Entran fees Journal publishing Room hire Talks servi¢e R8search income 8,837 4,803 18,334 1,435 450 1,518 55 8,277 4,078 16,636 1,687 805 304 33.432 31,787 Investment Income Income from listed investment 488 216 488 216 Charltsble actlvltles Grants recelved ROSH AIM Radstock Museum Society Radstock Town Council Hebron Medlock BANES wpc 3.944 7.500 672 950 5.200 1,800 5,000 1,000 500 13,500 Total ineorning resources 59,718 59,024 This page does not form part of Ihe statutrjry financial ststernents Page 19
Radstock Museum Detailed Statement of Financial Actlvlties for the year ended 31 March 2024 2024 2023 Expendlture Other trading actlv5tles Shop expenses Tea room expenses Journal publishing 3,176 4,112 2,148 1,106 781 6,602 7,366 Charitable adivitie8 ConseNation of artefacts Land and buildings - depreciation Fixtures and equipment - depreciation Fixtures and rlg8- depreciation 916 11,904 381 2.951 751 11,903 3,106 18,152 Support costs Managemont saaries and wages Leased equipment Water rates Insurance Light and heat Telephone and intemet Post, printing and stationery Advertising and marketing Sundries Repairs and maintenance Exhibition costs Bank charges Cleaning expenses Pension costs 22,800 408 366 3,5BO 7,898 405 899 80 456 17,332 5,360 519 2,240 310 17,674 408 270 3,499 5,465 553 655 3,136 9,697 1,203 374 2,129 245 62,653 45.308 Govemance costs Investment management Independènt examination fees AcntancY and legal fees 844 350 700 1,190 250 642 1,894 2,082 T¢)tal resource8 expended 87,301 70,964 Net deficit (27,$83> (11.940) This page does not fomi part of the statutory financial Statements Page 20